Fresh numbers from blockchain analytics firm Santiment are putting the spotlight back on one of crypto’s oldest debates — just how decentralized are leading tokens on Ethereum? The answer: not nearly as much as many investors might think.
Take Shiba Inu (SHIB) for example. Despite its reputation as a community-driven meme coin, more than 62% of its supply sits in just ten wallets. The pattern repeats across other household names. Uniswap (UNI) shows 52% concentration, and even Ethereum’s own supply is 51% controlled by the ten largest holders.
Stablecoins aren’t exempt either. Tether (USDT) and USD Coin (USDC), long regarded as the backbone of on-chain liquidity, see 40.5% and 28.6% of their supply respectively tied up in a few addresses. Other popular tokens like Pepe (39.4%), Chainlink (31.5%), and Dai (31.0%) also make the list.
Why It Matters
This kind of dominance can have serious consequences. When supply is clustered in the hands of a small group, liquidity shocks and sudden price swings become more likely. A single whale movement can ripple through the market, leaving retail investors exposed.
What’s surprising to many is that three of the top seven assets analyzed are stablecoins. That suggests concentration isn’t just a meme coin or governance token issue — even the “safer” pillars of DeFi carry centralization risks.
A Wake-Up Call for the Market
Santiment’s findings come as global regulators and institutions push the narrative of decentralization as a core strength of blockchain. Yet, the reality painted by on-chain data looks much different. For now, Ethereum-based assets continue to rely heavily on a small circle of dominant holders, raising questions about whether crypto markets are as democratized as they claim to be.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/who-really-owns-your-favorite-altcoins-santiment-data-reveals-the-truth/
